Mortgages Erroneously Reported as Delinquent

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MORTGAGE EXPERT
6 · 05 · 18

Residential loans were mistakenly reported as past due to the credit bureaus as a result of a technology glitch resulting from a test transmission.

Over the weekend, Home Point Financial Corp. discovered that a test file was transmitted in error to certain credit reporting agencies, a written statement said.

The Ann Arbor, Michigan-based mortgage banking firm acknowledged that a limited number of borrowers were impacted by the transmission.

“The company has addressed the system error and put additional safeguards in place,” the statement said.

Home Point noted that it is in the process of contacting impacted borrowers, and it is working directly with the credit agencies to correct the issue in a timely  manner.

Home Point grabbed market share last year with its acquisition of Stonegate Mortgage Corp. — a 900-employee company that originated more than $9 billion in 2016.

Mortgage Expert

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